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Weekly IRS Roundup November 16 – November 20, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 16, 2020 – November 20, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. November 16, 2020: The IRS released Notice 2020-82 related to the due date for certain contributions to defined benefit plans. November 16, 2020: The IRS released Revenue Ruling 2020-26 updating the applicable federal rate and various other prescribed rates for December 2020. November 16, 2020: The IRS released Notice 2020-81 updating weighted average interest rates, yield curves, and segment rates. November 18, 2020: The IRS released Revenue Ruling 2020-27 related to deductions for expenses paid with Paycheck Protection Program (PPP) loans. November 18, 2020: The IRS released Revenue Procedure 2020-51 providing a safe harbor for deductions for expenses paid with PPP loans when loan...

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Weekly IRS Roundup November 9 – November 13, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 9, 2020 – November 13, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. November 9, 2020: The IRS released Notice 2020-75 announcing the IRS' intention to issue proposed regulations permitting partnerships and S corporations to deduct certain state and local income taxes in computing non-separately stated taxable income. November 12, 2020: The IRS released draft instructions for Form 1120-F Schedule H related to deductions allocated to effectively connected income (ECI) under Treas. Reg. § 1.861-8. Additionally, the IRS released draft instructions for Form 1120-F Schedule I related to interest expense allocation under Treas. Reg. § 1.882-5. November 13, 2020: The IRS published corrections to TD 9909 related to the limitation on deduction for dividends received from...

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Weekly IRS Roundup November 2 – November 6, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 2, 2020 – November 6, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. November 2, 2020: The IRS announced COVID-19-related changes to tax debt collection procedures to provide taxpayer relief. November 4, 2020: The IRS released Rev. Proc. 2020-48 regarding discount factors used by insurance companies for the 2020 accident year. November 4, 2020: The IRS released Rev. Proc. 2020-49 regarding the public approval requirement for tax-exempt qualified private activity bonds. November 5, 2020: The IRS released Rev. Rul. 2020-23 related to certain distributions upon termination of a section 403(b) retirement plan. November 5, 2020: The IRS updated FAQs related to qualified intermediaries, withholding for foreign partnerships and withholding for foreign trusts. November...

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Weekly IRS Roundup October 26 – October 30, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 26, 2020 – October 30, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. October 26, 2020: The IRS released Rev. Proc. 2020-45 regarding inflation adjusted items for 2021. October 26, 2020: The IRS released Notice 2020-79, which sets out cost-of-living adjustments for benefits and contributions under qualified retirement plans. October 27, 2020: The IRS published corrections to TD 9901 regarding the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). October 30, 2020: The IRS and US Department of the Treasury released Proposed Regulations containing guidance on the average income test for the low-income housing tax credit. There is a public comment period until December 29, 2020. October 30, 2020: The IRS released...

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Weekly IRS Roundup October 19 – October 23, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 19, 2020 – October 23, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. October 20, 2020: The IRS released Announcement 20-40 regarding the effective date of the termination of the shipping agreement between the United States and Hong Kong. October 22, 2020: The IRS released Draft Instructions to Form 1065, which include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065). October 23, 2020: The IRS released a statement notifying taxpayers that the IRS will resume issuing 500 series balance due notices. October 23, 2020: The IRS released Internal Revenue Bulletin 2020-44, dated October 26, 2020, containing the following highlights: TD 9924 (Employment Tax) and TD 9910 (Income Tax). October 23, 2020: The...

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Weekly IRS Roundup October 12 – October 16, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 12, 2020 – October 16, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. October 13, 2020: The IRS published final regulations related to the absorption of consolidated net operating loss (CNOL) carryovers and carrybacks, as well as consolidated groups that include both life insurance companies and other companies. October 14, 2020: The IRS released a draft of instructions for Form 5472 related to an information return of a 25% foreign-owned US corporation or a foreign corporation engaged in a US trade or business. October 16, 2020: The IRS published Revenue Ruling 2020-22 updating the applicable federal rate (AFR) for November 2020. October 16, 2020: The IRS published Notice 2020-47 updating the weighted average interest rate, the yield curve and segment rates used...

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Weekly IRS Roundup October 5 – October 9, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 5, 2020 – October 9, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. October 7, 2020: The IRS published final regulations related to the withholding tax and information reporting requirements for the sale, exchange or redemption of a partnership interest held by a foreign person. October 7, 2020: The IRS published a draft of Publication 509 with draft tax calendars for 2021. October 9, 2020: The IRS published Revenue Ruling 2020-19 related to changes in basis of computing life insurance reserves. October 9, 2020: The IRS published Revenue Procedure 2020-44 to facilitate a transition from interbank offered rates to alternate reference rates. October 9, 2020: The IRS released Internal Revenue Bulletin 2020-42, dated October 13, 2020, containing the following...

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Weekly IRS Roundup September 28 – October 2, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 28, 2020 – October 2, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. September 29, 2020: The IRS published final regulations related to the source of income for certain property sales and modifying rules for determining whether foreign source income is effectively connected with a US trade or business. September 29, 2020: The IRS published final regulations related to a wide range of foreign tax credit topics. The regulations provide guidance on the allocation and apportionment of deductions and creditable foreign taxes, the definition of financial services income, foreign tax redeterminations, availability of foreign tax credits under the transition tax, the application of the foreign tax credit limitation to consolidated groups, adjustments to hybrid deduction...

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Weekly IRS Roundup September 21 – September 25, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 21, 2020 – September 25, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. September 21, 2020: The IRS released Announcement 2020-12 to detail information reporting requirements for taxpayers seeking forgiveness of Paycheck Protection Program loans under the Coronavirus Aid, Relief and Economic Security (CARES) Act. September 21, 2020: The IRS published final regulations related to bonus depreciation. The rules provide additional guidance to final regulations issued in 2019. September 21, 2020: The IRS published final regulations providing guidance for certain foreign persons that recognize gain or loss from the sale or exchange of an interest in a partnership that is engaged in a trade or business within the United States. September 21, 2020: The IRS published...

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Weekly IRS Roundup September 14 – September 18, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 14, 2020 – September 18, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. September 14, 2020: The IRS published final regulations providing guidance on the limitation on the deduction for business interest expense after amendment of the Internal Revenue Code (Code) by the Tax Cuts and Jobs Act (TCJA) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The regulations provide guidance to taxpayers on how to calculate the limitation, what constitutes interest for purposes of the limitation, which taxpayers and trades or businesses are subject to the limitation and how the limitation applies in consolidated group, partnership, international and other contexts. The final regulations vary slightly from the document released on IRS.gov on July 28,...

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